Presenting CP Daily, Carbon Pulse’s free newsletter. It’s a daily summary of our news plus bite-sized updates from around the world. Subscribe here
President Donald Trump replaced the chairman of the US Federal Energy Regulatory Commission (FERC) on Thursday evening, demoting Neil Chatterjee after he voiced openness for the grid regulator to consider state-led efforts to incorporate carbon pricing into wholesale power markets.
UPDATE – US Election Roundup: Biden takes lead in presidential race, as Georgia Democrats force Senate run-off
Democratic nominee Joe Biden took the lead over President Donald Trump on Friday morning in the race to assume the Oval Office next year, while an outside chance that Democrats could win two Senate special elections in Georgia gives a faint hope to passing climate legislation through a divided Congress.
The Pennsylvania Environmental Quality Board (EQB) on Friday released its RGGI-aligned cap-and-trade regulation for public comment, as Governor Tom Wolf (D) seeks to make the Keystone State the newest member of the Northeast US carbon market in 2022.
Both compliance and financial entities added to their California Carbon Allowance (CCA) positions this week as prices decreased on the secondary market and the state’s interim true-up deadline passed, according to US Commodity Futures Trading Commission (CFTC) data published Friday.
Italian utility Enel has reported a 61% year-on-year drop in coal power generation over the first nine months while considerably advancing its hedging position, a double-whammy for EUA demand.
EU carbon pulled back on Friday following a big three-day rally, with prices consolidating below €26 on profit-taking and a weak auction result and to notch a 7.2% weekly gain.
(Updates with additional documentation and reaction)
The distribution of free EU carbon allowances for 2021 will be delayed due to slow progress in setting ETS emissions benchmarks and calculating allocation quotas, according to a government announcement.
India is considering setting up a domestic GHG emissions trading scheme, a senior government official told industry leaders this week, while providing no further detail on what such a market might look like or when it could start.
Offset deliveries to Australia’s Emissions Reduction Fund (ERF) has now surpassed 60 million units, according to Clean Energy Regulator data, while the recent high ACCU issuance levels continued this week.
Hong Kong-based shipping firm Wah Kwong has agreed to buy an undisclosed amount of carbon credits from the territory’s biggest power company as part of a joint effort to “raise awareness of decarbonisation in the shipping industry”.
Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.
OECD nations mobilised in 2018 11% more on climate finance for developing countries, compared with the previous year, although reaching the $100 million objective set by 2020 is still uncertain.
BITE-SIZED UPDATES FROM AROUND THE WORLD
*Carbon Pulse is organising and moderating a series of side events at the IETA-ICAP Carbon Markets Virtual Pavilion on Nov. 11-12, including sessions on the EU ETS, China, Canada, RGGI, and carbon as an investible asset class. The full event programme also offers high-level discussions and interactive sessions, along with an informal carbon markets networking area for people to connect and stay in touch. Registration is free and open to the public, but spaces are limited for the Carbon Pulse side events so sign up now!*
Brazil blast – Brazil’s carbon emissions increased by 9.6% in 2019 to nearly 2.2 bln tonnes, mainly due to higher deforestation in the Amazon during the first year of President Jair Bolsonaro’s government, a report published on Friday said. According to the SEEG, an initiative of the Brazil-based Climate Observatory. Changes in land use towards farming and increased cattle ranching was the second contributor to emissions last year. The country’s GHG output has increased 28% since the government passed its national climate law in 2010. (Reuters)
On track – Vietnam’s environment ministry is pushing to get a not-yet finalised carbon trading scheme included in the nation’s environmental protection law, which is under consideration at the ongoing National Assembly, Vietnam Plus reports. That’s in line with Carbon Pulse’s report earlier this year that the ministry had been tasked with drawing up a market proposal by the end of the year though such a market was not included in the nation’s updated NDC, submitted to the UN in September.
There she blows – The EU is considering a plan to increase its offshore wind energy capacity five-fold this decade and 25-fold by 2050, as it seeks to become climate neutral by mid-century, according to a draft policy seen by Reuters. The 27-nation EU, which is already home to 42% of the world’s offshore wind capacity, says the technology now produces clean power at a lower price than any fossil fuel-based source. The draft of the European Commission’s strategy for offshore renewable energy, due to be published on Nov. 18, says the bloc should aim for 60 GW of offshore wind by 2030 and 300 GW by 2050. Its current capacity is 12 GW. The draft also includes a goal of 60 GW of wave and tidal energy by 2050.
Enbridging the gap – Canadian oil-and-gas company Enbridge on Friday announced it will reduce its emissions intensity 35% below 2018 levels by 2030 and reach net zero emissions by 2050. The Calgary-based entity said it would purchase nature-based carbon offsets to help achieve the goal, along with self-powering facilities with solar and using low-carbon fuels. (Canadian Press)
Dietary risks – Emissions from food production are expected to rise to a cumulative 1,356 billion tonnes CO2e by the end of the century on current trends, according to a study in the journal Science. That would be enough in itself to heat the world by more than 1.5C by the 2060s, and probably by about 2C by the end of the century. (Guardian)
And finally… Way too early – When the crew and passengers of the nuclear-powered icebreaker ship 50 Years of Victory reached the north pole in 2018, they placed a time capsule in the ice floe. The metal cylinder contained letters, poems, photographs, badges, beer mats, a menu, wine corks – ephemera from the early 21st century for whomever might discover it in the future. But the future came pretty swiftly, and the cylinder was found this week on the north-western tip of Ireland after floating an estimated 2,300 miles from the Arctic Circle, where global heating is melting a record amount of ice. Surfers from the village of Gweedore in county Donegal, were checking sea conditions when they spotted the tube on the shore. They tracked down one of the letter’s authors, a Russian Instagram blogger in St Petersburg known as Sveta, who said the crew and passengers had thought the cylinder might be discovered in 30-50 years and expressed shock it was found so quickly. (Guardian)
Got a tip? Email us at firstname.lastname@example.org